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13 November 2024 | 8 replies
They'll also probably want to see that you have some good reserves (like $50K) so that if you run into cost overrun or delays, you have cash to work it out.
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13 November 2024 | 13 replies
I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).
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11 November 2024 | 11 replies
With two years left until military retirement, prepare for retirement and investing by building cash reserves, developing multiple income streams, and growing education.Good luck!
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12 November 2024 | 6 replies
That is if there is no record on the platform of the request.Otherwise you can modify the reservation to add the week and do a payment request for the extra cleaning or bake it into the extra week charge.
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20 November 2024 | 37 replies
It's obviously more important to have more conservative cash reserves when your property is not cash flowing.
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11 November 2024 | 4 replies
You need a downpayment, say 3.5% with FHA, but you also need at least 15k in reserves plus renovation.
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11 November 2024 | 9 replies
Maximize cash flow, attend meetups, avoid over-leveraging, and build reserves.
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14 November 2024 | 30 replies
I would ensure you have enough saved in reserves to handle down months, furnishing and decorating the entire house, closing costs, etc.
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12 November 2024 | 6 replies
The only defense is saving, reserves, and insurance.
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11 November 2024 | 10 replies
Just be sure to have a great inspection done and have reserves in case you have to evict the tenant.